Buying Property in the Segovia Province Of Spain..

Property:Real-Estate

Buying property in Segovia is just like buying property in any other part of Spain. You need to research the location, retain legal assistance, and proceed very carefully through what can be a complex process. Don’t let the mechanics of buying property deter you, though, because finding and buying property in Segovia can be fun, exciting, and the fulfillment of your vacation dreams.

Finding A Real Estate Agency

There are many, many real estate agencies in Segovia so before selecting one be sure to check it out carefully. The most reputable agencies are members of the Segovia Real Estate Association and they clearly explain their fee structure. In general, a typical agency fee will be roughly equivalent to one month of rent when you’re signing a one year rental agreement.

Benefits Of Renting Property

If you’re new to Segovia or if you’re new to living abroad it’s a good idea to rent property for six to twelve months before you make a commitment to buy. This helps you get to know the area and also to fully experience all aspects of living abroad. Many people find it to be more of a change than they expected, so renting for a while is a good way to adjust to your new lifestyle without the permanence of property ownership.

Evaluating Property

Whether you choose to rent or buy, there are some common things that you need to check when evaluating property. A few examples include:

• Condition of appliances

• Reliability of electricity

• Adequate hot and cold running water

• Functional toilets

• Functional showers

• Proximity to food stores, healthcare, transportation, and other necessities of living

This is certainly not an exhaustive list. You should make your own list of property requirements based on your personal needs and circumstances. And remember, even if you hire an agent to help you find property you can’t depend that they will always point out negative aspects about the property you examine. They have a vested, financial interest in renting or selling you real estate so you are your own best protection against unpleasant surprises down the road.

Finding A Mortgage

If you do decide to buy property in Segovia, you’ll likely need a mortgage. In Spain, it is illegal for a bank or other lender to underwrite more than 80% of the purchase price of a property if it is being bought by a foreigner. This means that you will need to come up with at least 20% (or more) of the sale price to use as a down payment. Consider your options carefully, including borrowing against the equity of your existing home, before you enter into any legally binding contracts related to a property or a mortgage.

Jamos - www.spaingolfproperty.co.uk